Question:
What rate gives Rs 280 as interest on a sum of Rs 56,000 in 2 years?
What rate gives Rs 280 as interest on a sum of Rs 56,000 in 2 years?
Updated On: Dec 7, 2023
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Solution and Explanation
\(S.I = \frac{P\times R\times T}{100}\)
\(280=\frac{56000\times R\times 2}{100}\)
\(R= \frac{280}{560\times2}=\frac{1}{4}\)
= \(0.25\)
Therefore, \(0.25\%\) gives Rs \(280\) as interest on the given sum.
Read more: Simple Interest
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